the vested interests and the common man-第31部分

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farming　regions　are　owners　of　the　land　and　improvements；　except　
for　an　increasing　proportion　of　tenant　farmers。　But　it　is　the　
farmer…owner　that　is　commonly　had　in　mind　in　speaking　of　the　
American　farmers　as　a　class。　Barring　incumbrances；　these　
farmer…owners　have　a　good　and　valid　title　to　their　land　and　
improvements；　but　their　title　remains　good　only　so　long　as　the　
run　of　the　market　for　what　they　need　and　for　what　they　have　to　
sell　does　not　take　such　a　turn　that　the　title　will　pass　by　
process　of　liquidation　into　other　hands；　as　may　always　happen。　
And　the　run　of　the　market　which　conditions　the　farmer's　work　and　
livelihood　has　now　come　to　depend　on　the　highly　impersonal　
manoeuvres　of　those　massive　interests　that　move　in　the　background　
and　find　a　profit　in　buying　cheap　and　selling　dear。　In　point　of　
law　and　custom　there　is；　of　course；　nothing　to　hinder　the　
American　farmer　from　considering　himself　to　be　possessed　of　a　
vested　interest　in　his　farm　and　its　working；　if　that　pleases　his　
fancy。　The　circumstances　which　decide　what　he　may　do　with　his　
farm　and　its　equipment；　however；　are　prescribed　for　him　quite　
deliberately　and　quite　narrowly　by　those　other　vested　interests　
in　the　background；　which　are　massive　enough　to　regulate　the　
course　of　things　in　business　and　industry　at　large。　He　is　caught　
in　the　system；　and　he　does　not　govern　the　set　and　motions　of　the　
system。　So　that　the　question　of　his　effectual　standing　as　a　
vested　interest　becomes　a　question　of　fact；　not　of　preference　and　
genial　tradition。　
　　　　A　vested　interest　is　a　legitimate　right　to　get　something　for　
nothing。　The　American　farmer　　say；　the　ordinary　farmer　of　the　
grain…growing　Middle　West　　can　be　said　to　be　possessed　of　such　
a　vested　interest　if　he　habitually　and　securely　gets　something　in　
the　way　of　free　income　above　cost；　counting　as　cost　the　ordinary　
rate　of　wages　for　work　done　on　the　farm　plus　ordinary　returns　on　
the　replacement　value　of　the　means　of　production　which　he　
employs。　Now　it　is　notorious　that；　except　for　quite　exceptional　
cases；　there　are　no　intangible　assets　in　farming；　and　intangible　
assets　are　the　chief　and　ordinary　indication　of　free　income；　that　
is　to　say；　of　getting　something　for　nothing。　Any　concern　that　can　
claim　no　intangible　assets；　in　the　way　of　valuable　good…will；　
monopoly　rights；　or　outstanding　corporation　securities；　has　no　
substantial　claim　to　be　rated　as　a　vested　interest。　What　
constitutes　a　valid　claim　to　standing　as　a　vested　interest　is　the　
assured　customary　ability　to　get　something　more　in　the　way　of　
income　than　a　full　equivalent　for　tangible　performance　in　the　way　
of　productive　work。　
　　　　The　returns　which　these　farmers　are　in　the　habit　of　getting　
from　their　own　work　and　from　the　work　of　their　household　and　
hired　help　do　not　ordinarily　include　anything　that　can　be　called　
free　or　unearned　income；　　unless　one　should　go　so　far　as　to　
declare　that　income　reckoned　at　ordinary　rates　on　the　tangible　
assets　engaged　in　this　industry　is　to　be　classed　as　unearned　
income；　which　is　not　the　usual　meaning　of　the　expression。　It　may　
be　that　popular　opinion　on　these　matters　will　take　such　a　turn　
some　time　that　men　will　come　to　consider　that　income　which　is　
derived　from　the　use　of　land　and　equipment　is　rightly　to　be　
counted　as　unearned　income；　because　it　does　not　correspond　to　any　
tangible　performance　in　the　way　of　productive　work　on　the　part　of　
the　person　to　whom　it　goes。　But　for　the　present　that　is　not　the　
popular　sense　of　the　matter；　and　that　is　not　the　meaning　of　the　
words　in　popular　usage。　For　the　present；　at　least；　reasonable　
returns　on　the　replacement　value　of　tangible　assets　are　not　
considered　to　be　unearned　income。　
　　　　It　is　true；　the　habits　of　thought　engendered　by　the　machine　
system　in　industry　and　by　the　mechanically　standardised　
organisation　of　daily　life　under　this　new　order；　as　well　as　by　
the　material　sciences；　are　of　such　a　character　as　would　incline　
the　common　man　to　rate　all　men　and　things　in　terms　of　tangible　
performance　rather　than　in　terms　of　legal　title　and　ancient　
usage。　And　it　may　well　come　to　pass；　in　time；　that　men　will　
consider　any　income　unearned　which　exceeds　a　fair　return　for　
tangible　performance　in　the　way　of　productive　work　on　the　part　of　
the　person　to　whom　the　income　goes。　The　mechanistic　logic　of　the　
new　order　of　industry　drives　in　that　direction；　and　it　may　well　
be　that　the　frame　of　mind　engendered　by　this　training　in　
matter…of…fact　ways　of　thinking　will　presently　so　shape　popular　
sentiment　that　all　income　from　property；　simply　on　the　basis　of　
ownership；　will　be　disallowed；　whether　the　property　is　tangible　
or　intangible。　All　that　is　a　speculative　question　running　into　
the　future。　It　is　to　be　recognised　and　taken　account　of　that　the　
immutable　principles　of　law　and　equity；　in　matters　of　ownership　
and　income　as　well　as　in　other　connections；　are　products　of　
habit；　and　that　habits　are　always　liable　to　change　in　response　to　
altered　circumstances；　and　the　drift　of　circumstances　is　now　
apparently　setting　in　that　direction。　But　popular　sentiment　has　
not　yet　reached　that　degree　of　emancipation　from　those　good　old　
principles　of　self…help　and　secure　ownership　that　go　to　make　up　
the　modern　（eighteenth…century）　point　of　view　in　law　and　custom。　
The　equity　of　income　derived　from　the　use　of　tangible　property　
may　presently　become　a　moot　question；　but　it　is　not　so　today；　
outside　of　certain　classes　in　the　population　whom　the　law　and　the　
courts　are　endeavoring　to　discourage。　It　is　the　business　of　the　
law　and　the　courts　to　discourage　any　change　of　insight　or　
opinion。　
　　　　It　appears；　therefore；　that　his　conditions　of　life　should　
throw　the　American　farmer　in　with　the　common　man　who　has　
substantially　nothing　to　lose；　beyond　what　the　vested　interests　
of　business　can　always　take　over　at　their　own　discretion　and　in　
their　own　good　time。　In　point　of　material　fact　he　has　ceased　to　
be　a　self…directing　agent；　and　self…help　has　for　him　come　
substantially　to　be　a　make…believe；　although；　of　course；　in　point　
of　legal　formality　he　still　continues　to　enjoy　all　the　ancient　
rights　and　immunities　of　secure　ownership　and　self…help。　Yet　it　
is　no　less　patent　a　fact　of　current　history　that　the　American　
farmer　continues；　on　the　whole；　to　stand　fast　by　those　principles　
of　self…help　and　free　bargaining　which　enable　the　vested　
interests　to　play　fast　and　loose　with　him　and　all　his　works。　Such　
is　the　force　of　habit　and　tradition。　
　　　　The　reason；　or　at　least　the　preconception；　by　force　of　which　
the　American　farmers　have　been　led；　in　effect；　to　side　with　the　
vested　interests　rather　than　with　the　common　man；　comes　of　the　
fact　that　the　farmers　are　not　only　farmers　but　also　owners　of　
speculative　real　estate。　And　it　is　as　speculators　in　land…values　
that　they　find　themselves　on　the　side　of　unearned　income。　As　
land…owners　they　aim　and　confidently　hope　to　get　something　for　
nothing　in　the　unearned　increase　of　land…values。　But　all　the　
while　they　overlook　the　fact　that　the　future　increase　of　
land…values；　on　which　they　pin　their　hopes；　is　already　discounted　
in　the　present　price　of　the　land；…　except　for　exceptional　and　
fortuitous　cases。　As　is　known　to　all　persons　who　are　at　all　
informed　on　this　topic；　farmland　holdings　in　the　typical　American　
farming　regions　are　over…capitalised；　in　the　sense　that　the　
current　market　value　of　these　farm…lands　is　considerably　greater　
than　the　capitalised　value　of　the　income　to　be　derived　from　their　
current　use　as　farmlands。　This　excess　value　of　the　farmlands　is　a　
speculative　value　due　to　discounting　the　future　increased　value　
which　these　lands　are　expected　to　gain　with　the　further　growth　of　
population　and　with　increasing　facilities　for　marketing　the　farm　
products　of　the　locality。　It　is　therefore　as　a　land　speculator　
holding　his　land　for　a　rise；　not　as　a　husbandman　cultivating　the　
soil　for　a　livelihood；　that　the　prairie　farmer；　e。g。；　comes　in　
for　an　excess　value　and　an　over…capitalisation　of　his　holdings。　
All　of　which　has　much　in　common　with　the　intangible　assets　of　the　
vested　interests；　and　all　of　which　persuades　the　prairie　farmer　
that　he　is　of　a　class　apart　from　the　common　man　who　has　nothing　
to　lose。　
　　　　But　he　can　come　in　for　this　unearned　gain　only　by　the　
eventual　sale　of　his　holdings；　not　in　their　cur　rent　use　as　a　
means　of　production　in　farming。　As　a　business　man　doing　a　
speculative　business　in　farmlands　the　American　farmer；　in　a　small　
way；　runs　true　to　form　and　so　is　entitled　to　a　modest　place　among　
that　class　of　substantial　citizens　who；　get　something　for　nothing　
by　cornering　the　supply　and　〃sitting　tight。〃　And　all　the　while　
the　massive　interests　that　move　obscurely　in　the　background　of　
the　market　are　increasingly　in　a　position；　in　their　own　good　
time；　to　disallow　the　farmer　just　so　much　of　this　still…born　gain　
as　they　may　dispassionately　consider　to　be　convenient　for　their　
own　ends。　And　so　the　farmer…speculator　of　the　prairie　continues　
to　stand　fast　by　the　principles　of　equity　which　entitle　these　
vested　interests　to　play　fast　and　loose　with　him　and　all　his　
works。　
　　　　The　fac